The Danger Of Low Oil Prices For The Global Economy
Dr. Edmunds holds a D.B.A. in International Business from Harvard Business School, an M.B.A. in Finance and Quantitative Methods with honors from Boston University, an M.A. in Economics from Northeastern University, and an A.B. in Economics cum laude from Harvard College. He has consulted with the Harvard Institute for International Development, the Rockefeller Foundation, Stanford Research Institute, and numerous private companies.
This interview has been edited for brevity and clarity.
Oilprice.com: I wanted to start off with the OPEC deal that was announced [on February 16], the production freeze. Notably, Iran declined to comment on whether or not they’d freeze production. So most people think that means they won’t, and that they will still pursue their pre-sanctions production levels. I was wondering what you thought of this deal and if it had any practical implications for the oil markets?
Dr. John Edmunds: Well, I would say that it has not come together yet. Pretty soon they are going to do something because there are countries that are really just flat out desperate. I wouldn’t mention Iran specifically, although, they have been years and years without full income. But the ones I’m aware of right now…Nigeria just announced that they couldn’t pay their school teachers.
Venezuela, that place is just flat out desperate. They have had nothing but oil for, well, since the 1920s. And they don’t even know how to grow food.
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